Stripe-Backed OpenUSD Launches to Challenge USDC Dominance

OpenUSD (OUSD), a new stablecoin, has launched on several blockchain networks with the backing of over 200 founding partners, including Stripe, Coinbase, and Mastercard. The stablecoin operates at a 1:1 peg to the US dollar and distributes its yields directly among founding partners, rather than retaining them by a single issuer.

Stripe activated OUSD on Ethereum, Solana, Base, and Tempo networks, establishing it as the default stablecoin across its products. This move aims to contest the dominance of USDC in regulated payments and consumer networks, where USDC holds 54% of the market share.

Patrick Collison, CEO of Stripe, confirmed that OUSD's yield is distributed directly among network partners, at no membership cost and with no minting or burning fees. Companies can use OUSD to receive, hold, send, and spend funds through Treasury; build global card programs with Issuing; and make international payments with Global Payouts.

However, the launch of OUSD may face challenges from USDC's network effects, as well as from USDT's strong positioning in emerging markets. Mastercard and Visa have adopted a neutral stance, describing the future scenario as a 'multi-money' environment where different forms of value will coexist within the same financial system.